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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q152-Q157):

NEW QUESTION # 152
A bank maintains a relationship with a customer who owns a small bakery business.
Which customer action indicates potential money laundering?

A. The customer has multiple bank accounts at several locations
B. The customer purchased property insurance that is twice the value of the business
C. The customer recently wired a large amount to a foreign jurisdiction where family is located
D. The customer continually makes regular cash deposits

Answer: C

NEW QUESTION # 153
The bank for International Settlements provides the secretariat for which organization?

A. The Egmont Group
B. The Wolfsberg Group
C. The Basel Committee
D. FATF

Answer: C

Explanation:
Reference: http://www.bis.org/bcbs/about.htm (4th para)
Basel Committee on Banking Supervision (Basel Committee) The Basel Committee was established by the G-10's central bank of governors in 1974 to promote sound supervisory standards worldwide. Its secretariat is appointed by the Bank for International Settlements in Basel, Switzerland.

NEW QUESTION # 154
What do the Financial Action Task Force (FATF) mutual evaluations of each member assess?

A. If the member has a large enough economy to maintain its membership
B. The member's ability to send a representative to the plenary sessions
C. The levels of implementation of the FATF Recommendations
D. If the member has made any suggestions for updates to the FATF Recommendations

Answer: C

Explanation:
A compliance officer should consider the following three factors as part of the approach to implement an enterprise-wide anti-money laundering program for a bank that operates in multiple countries:
* The types of customers serviced by the bank: Different types of customers may pose different levels of money laundering risk, depending on their nature, source of funds, geographic location, transaction patterns, and other factors. A compliance officer should identify and assess the money laundering risk associated with each customer type and segment, and apply appropriate due diligence measures, monitoring systems, and risk mitigation strategies accordingly12.
* The extent of anti-money laundering regulations in the various countries: A compliance officer should
* be aware of the legal and regulatory requirements and expectations for anti-money laundering compliance in each country where the bank operates, and ensure that the bank's policies and procedures are consistent with them. A compliance officer should also monitor any changes or updates in the anti-money laundering laws and regulations in the various countries, and adjust the bank's program accordingly34.
* The anti-money laundering risk posed by the products and services offered by the bank: Different products and services may have different features and functionalities that could be exploited by money launderers, such as anonymity, cross-border transfers, cash transactions, complex structures, or new technologies. A compliance officer should evaluate the money laundering risk associated with each product and service offered by the bank, and implement appropriate controls, safeguards, and oversight mechanisms to prevent and detect money laundering activities5 .
References:
* 1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 2: Risk Assessments
* 2: FATF, Guidance for a Risk-Based Approach: The Banking Sector
* 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
* 4: Deloitte, AML Program Effectiveness Reform
* 5: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4: AML Program Design
* [6]: OCC, Money Laundering: A Banker's Guide to Avoiding Problems
Reference:
https://www.fatf-gafi.org/publications/mutualevaluations/documents/more-about-mutual-evaluations.html

NEW QUESTION # 155
How should a financial institution deter money laundering through new accounts? Choose 3 answers

A. Determine the beneficial owner(s) of the account
B. Query owner's names against FATF database
C. Document the identity of the party opening the account
D. Seek to determine the source of deposited funds

Answer: A,C,D

NEW QUESTION # 156
A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.
Which two courses of action should the compliance officer include in the institution's procedures for considering PEPs as customers? (Choose two.)

A. Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country
B. Expedite due diligence when a PEP is pre-approved by a member of senior management
C. Take adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction
D. Conduct enhanced ongoing monitoring of the business relationship

Answer: C,D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, PEPs are individuals who are or have been entrusted with prominent public functions, such as heads of state, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations, or important political party officials1. PEPs pose a higher risk of money laundering and corruption due to their position and influence2. Therefore, financial institutions should apply enhanced due diligence and ongoing monitoring measures when dealing with PEPs as customers3. This includes:
Conducting enhanced ongoing monitoring of the business relationship to detect and report any suspicious transactions or activities4. This may involve more frequent reviews, higher-level approvals, or increased documentation of the transactions and the rationale behind them.
Taking adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction. This may involve verifying the origin, legitimacy, and purpose of the funds, as well as the economic activities and assets of the PEP.
The other two options are incorrect because:
Expedite due diligence when a PEP is pre-approved by a member of senior management is not a recommended course of action, as it may compromise the quality and integrity of the due diligence process. Pre-approval by senior management does not exempt the financial institution from conducting thorough and timely due diligence on the PEP and the business relationship.
Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country is a necessary but not sufficient course of action, as it does not address the ongoing monitoring and source of funds aspects of the PEP risk management. Senior management approval is required for establishing or continuing a business relationship with a PEP, regardless of the country of origin or residence of the PEP.
References:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 83 2: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 84 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 85 4: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 86 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 87 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 86 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p.
87 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 88 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 88 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 88 : ACAMS, CAMS Study Guide,
6th Edition, Chapter 4, p. 88

NEW QUESTION # 157
......

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q152-Q157):

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